Bank of America (NYSE:BAC) Stock Price Expected to Rise, Argus Analyst Says

Bank of America (NYSE:BAC) had its price objective boosted by investment analysts at Argus from $53.00 to $58.00 in a report issued on Friday,MarketScreener reports. Argus’ target price would indicate a potential upside of 13.10% from the stock’s current price.

A number of other equities analysts have also weighed in on BAC. UBS Group lifted their price objective on shares of Bank of America from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Baird R W lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 27th. The Goldman Sachs Group lifted their price objective on shares of Bank of America from $56.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Truist Financial boosted their target price on shares of Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Hsbc Global Res lowered shares of Bank of America from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Twenty-one investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.29.

Bank of America Stock Performance

NYSE:BAC opened at $51.28 on Friday. The firm’s fifty day moving average price is $50.11 and its 200 day moving average price is $45.82. Bank of America has a 1-year low of $33.06 and a 1-year high of $52.88. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.96 and a beta of 1.33.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $28.09 billion for the quarter, compared to analyst estimates of $27.05 billion. During the same period last year, the firm posted $0.81 EPS. Bank of America’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts expect that Bank of America will post 3.7 EPS for the current year.

Bank of America announced that its board has approved a stock repurchase program on Wednesday, July 23rd that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Bank of America

In related news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares in the company, valued at $10,180,656.99. The trade was a 39.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of America

Institutional investors and hedge funds have recently made changes to their positions in the business. Quaker Wealth Management LLC boosted its position in shares of Bank of America by 246.5% in the 2nd quarter. Quaker Wealth Management LLC now owns 523 shares of the financial services provider’s stock worth $25,000 after buying an additional 880 shares in the last quarter. Nova Wealth Management Inc. increased its stake in shares of Bank of America by 75.2% during the 2nd quarter. Nova Wealth Management Inc. now owns 529 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Steph & Co. increased its stake in shares of Bank of America by 224.3% during the 3rd quarter. Steph & Co. now owns 548 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 379 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Bank of America during the 2nd quarter valued at about $28,000. Finally, CGC Financial Services LLC increased its stake in shares of Bank of America by 585.4% during the 2nd quarter. CGC Financial Services LLC now owns 610 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 521 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.